Imagine someone saying to you "if you buy this house you will earn at least 30%, but if I buy it I will not."
Why would that be?
The ability of people with US dollars to buy realestate now gives them at least a 30% advantage over people buying with Canadian dollars. Regardless of what happens in the market they will always maintain that advantage. In fact, it will only improve over time.
This is what is driving foreign buyers to flock to the Canadian market. It is simple mathematics. Part of the reason is that foreign currency exchange is non-taxable. It is one of the few things that is not taxed. Right now, for every $1.00 US I bring into Canada I receive over $1.30. They get to keep all of it instead of giving half away to the government to spend on their behalf.
A house that is for sale for $2,000,000 costs local buyers $2,000,000, but it only costs foreign buyers $1,400,000. This is an excellent way to bring money into Canada, let it grow as real estate values increase, and then recover it when the property sells. Once the Canadian dollar recovers (even marginally) - remember only a short time ago it was equal to the US dollar - the conversion back to USD further increases the gain, tax free yet again.
So if anyone is wondering why so many foreign buyers are entering our strong real estate market, just look at the numbers.